Wednesday, Jul 23, 2014Wednesday, Jul 23, 2014
News
 

Britain's business minister sees risk of triple-dip recession

Published on Dec 10, 2012 6:59 AM
 
British business minister Vince Cable said Britain could fall back into recession for a third time since the 2008 financial crisis but expected the economy to stagger on with minimal growth. -- PHOTO : AFP 

LONDON (REUTERS) - British business minister Vince Cable said Britain could fall back into recession for a third time since the 2008 financial crisis but expected the economy to stagger on with minimal growth.

In an interview published on Sunday, Mr Cable, one of the most senior ministers in the coalition's junior Liberal Democrats, said Britain could also face a Japanese-style stagnant "lost decade".

"There is a real worry about (that), a real risk of that,"he said. Asked if the economy was heading for a 'triple-dip recession', after falling twice into negative growth since the financial crisis, he said: "There is certainly a risk."

"I always try not to get drawn into forecasting arguments (but) there is clearly a risk. The most likely outcome is that we continue to bump along the bottom," he added in an Observer newspaper interview.

 
If you are not a subscriber, you can get instant, unlimited access here